All Forum Posts by: Nik S.

My net worth is slim to nothing other than the cash I have....I have been working for my fathers "empire" for the last 4 years....

I have property overseas that's very valuable (in my name) however it's in another country so I don't believe lenders will even consider that....

So I am stuck & have to utilize my father...Defauliting isn't the question here, its how to structure the loan in a way not to stretch my fathers debt-to-income ratio...

I have set aside $10-15k for reserves....so downpayment + $15k for reserves in my account...

Thanks for the response Chris...My father owns multiple single family homes as well as motel(s).. experience is there..I have grown up in the business!

Father has the net worth as well as reserves. I simply have the down payment.

Utilities are paid by the tenant....Rents are $490-515...Property is over 93% occupied and has been for the last 2-3 years...very stable. My expenses run about exactly 50% of gross rents...So if we "split" down payment.. can that be considered his equity?

Also, my question is would my dad then have an outstanding loan on his credit? or would we be essentially splitting the amount being financed?

My only concern was if I attach him to the loan with "cash equity", will his credit reflect an outstanding loan (the 80% being financed)?

Thanks Chris...looking forward to your response!

Get an education..do some classes in real estate in college... save up $... graduate and go full force....Real estate is a great way to make money but it's all about timing...in your life and the properties! You will be just fine with your ambition, I know it!

Hi Jeff, I am a young investor as well...My suggestion to you is wait until you get fully educated on real estate flipping. Given you are going to college, you have time constraints.. Real estate can drag on & with you going to college soon you do not want to have the headache of the property not selling. Remember, theres property taxes, utilities, lawn care and more more things that go along while the house is on the market for sale.

Keep in mind the complex will be in contract just above $1.3m...so my DP is 20% of the purchase price....

Hello Everyone! I am just getting into contract in the next few days with a 47 unit multi-family property. The numbers are great, the occupancy is high and the property is well maintained! My questions is this....

I am going for a meeting next week with my first lender who is/has done deals within the last year with financing multi-family properties. He has already reviewed the numbers on the property and says it looks very solid...

Here's the tricky part... I am a younger investor. The lender said, first he needs to have 20% cash down payment.. Good part is, I have the cash in my savings account! Next, my credit is great....800+....

Now for the bad news...I only show very little income, maybe $40,000 a year (self-employed)...

The debt service coverage ratio is "1.64"...fairly strong..Property historical tax returns speak for themselves.. Problem is, I don't.

I have the cash down payment required by the lender, I have the credit score needed but I don't have a large enough income on paper coming in...

Here's another curveball... I have a father who is well-qualified for the loan. This being my deal he wants me to do this solo...He has mentioned he is willingly to co-sign because he has cash reserve accounts which would justify the "recourse" aspect to the lender however he doesn't want his "debt to income" ratio to get skewed because he wouldn't being earning any "profits" from this deal...

So firstly, is there any hope for me qualifying?

Secondly, is there a way for my father to be on the loan without it affecting his "debt to income ratio"? In case he wants a loan in the next few years, I don't want him to be affected by being on the loan..Is there a different way to structure the loan buy just utilizing his cash reserve accounts?

Please advice everyone, looking for all suggestions...

Thanks!